The matter of sale price is the first thing potential home sellers consider. No one wants to lose money on the sale, but overpricing leads nowhere. If you’re unsure of what your listing price should be, or haven’t yet figured out the worth of your house then you’ve come to the right place. Here are few ways to get an idea of what your house can sell for, before listing.
The foremost way to gauge the current value of your house is to look at recent sale prices of the homes in your neighbourhood. In real estate, these are called comparables, and they help you identify your home’s potential selling price. However, this method is only valid for a certain period of time, as markets change rapidly:
Comps can help determine how much your house is worth
By identifying the sale prices of similar properties in your area, known as “comparables” (or comps), you can come up with a realistic asking price. When using comps, you’ll want to compare apples to apples—that is, homes that have a similar square footage and amenities as yours. You also want to look at homes that were sold within the same six-month period and that are similar in style.
In general, the real estate market changes rapidly, and timing is a large factor in a sale price. Many of the factors of the larger market are out of your hands: Mortgage rates, the local economy, the national economy, consumer confidence, and the availability of homes for sale all influence a final price. Via realtor.com
By looking at recent sale prices of other homes, you’ll be able to come up with a realistic asking price (i.e. this will give you an idea of how much you can realistically ask). However, comparables are not a guarantee of a sale. It’s advisable to make small changes to your sale price if necessary.
The next thing you can do to help you determine your ideal home price is to conduct a home appraisal. A home appraisal is an unbiased estimate of the true value of the worth of your home. Appraisals give you the opportunity to find areas needing improvement:
Conduct a Home Appraisal
A home appraisal is valuable because it allows you to receive a property valuation from a home expert. When the appraisal is complete, you may be able to prioritize various home improvement projects as well.
During a home appraisal, a property expert will examine your home’s interior and exterior. This property expert also will assess the prices of recently sold and available homes in your area, including the prices of residences in your neighbourhood. Following the appraisal, you’ll receive a property valuation.
If a property valuation falls below your initial expectations, there is no need to worry. Remember, you can always perform assorted home maintenance and upgrades to boost your house’s value. h/t wilsonwolfe.com
If you’re seriously considering selling, then conducting a home appraisal can be a good idea, especially in the case of unusual homes or homes with a rare set of features. The appraiser might be another expense, but the information provided could go long way in improving the sale.
Lastly, you can take a look at market trends in the area. This will provide you information on the market activity in your place. Seeing as the real estate market is so important, it’s not too hard to find info on what’s going on in your neck of the woods:
How to Check Market Trends
Read the newspapers and watch the news. Most papers have a home/real estate section that details current trends, issues and successes. A majority of news programs also cover real estate topics and developments.
Ask your Realtor®
Your agent works for you, ask them for advice and what they think the current trends are and ask them to do a market analysis on your neighbourhood which will include a list of comparables in the area (either for sale or sold). read more at 4dalyhomes.com
In Fort McMurray, we’re currently in a buyer’s market, with prices dropping, and conditions favouring buyers. This is important to keep in mind when preparing to sell. Market trends can be overcome, however, with the right guidance.
As the excerpt says, REALTORS® have a comprehensive view of the local market. The best ones have the capacity to sell a home in any market. If you’re looking to sell your home Fort McMurray, give The A-Team a call today. You are not alone! 🙂